|
|
|
MIRA INFORM REPORT
|
Report No. : |
516881 |
|
Report Date : |
23.06.2018 |
IDENTIFICATION DETAILS
|
Name : |
MEIJI SANGYO COMPANY |
|
|
|
|
Registered Office : |
Meisan Tameike Bldg, 1-1-12 Akasaka Minatoku Tokyo 107-0052 |
|
|
|
|
Country : |
Japan |
|
|
|
|
Financials (as on) : |
30.09.2017 |
|
|
|
|
Date of Incorporation : |
July, 1962 |
|
|
|
|
Com. Reg. No.: |
0104-01-029221 |
|
|
|
|
Legal Form : |
Limited Company |
|
|
|
|
Line of Business : |
Import, export, wholesale of auto parts & components, steel & nonferrous metal products |
|
|
|
|
No. of Employees : |
303 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (31.12.2017) |
Current Rating (01.04.2018) |
|
Japan |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
JAPAN - ECONOMIC OVERVIEW
Over the past 70 years,
government-industry cooperation, a strong work ethic, mastery of high
technology, and a comparatively small defense allocation (slightly less than 1%
of GDP) have helped Japan develop an advanced economy. Two notable
characteristics of the post-World War II economy were the close interlocking
structures of manufacturers, suppliers, and distributors, known as keiretsu,
and the guarantee of lifetime employment for a substantial portion of the urban
labor force. Both features have significantly eroded under the dual pressures
of global competition and domestic demographic change.
Measured on a purchasing
power parity basis that adjusts for price differences, Japan in 2017 stood as
the fourth-largest economy in the world after first-place China, which
surpassed Japan in 2001, and third-place India, which edged out Japan in 2012.
For three postwar decades, overall real economic growth was impressive - averaging
10% in the 1960s, 5% in the 1970s, and 4% in the 1980s. Growth slowed markedly
in the 1990s, averaging just 1.7%, largely because of the aftereffects of
inefficient investment and the collapse of an asset price bubble in the late
1980s, which resulted in several years of economic stagnation as firms sought
to reduce excess debt, capital, and labor. Modest economic growth continued
after 2000, but the economy has fallen into recession four times since 2008.
Japan enjoyed an uptick
in growth since 2013, supported by Prime Minister Shinzo ABE’s “Three Arrows”
economic revitalization agenda - dubbed “Abenomics” - of monetary easing,
“flexible” fiscal policy, and structural reform. Led by the Bank of Japan’s
aggressive monetary easing, Japan is making modest progress in ending
deflation, but demographic decline – a low birthrate and an aging, shrinking
population – poses a major long-term challenge for the economy. The government
currently faces the quandary of balancing its efforts to stimulate growth and
institute economic reforms with the need to address its sizable public debt,
which stands at 235% of GDP. To help raise government revenue, Japan adopted
legislation in 2012 to gradually raise the consumption tax rate. However, the
first such increase, in April 2014, led to a sharp contraction, so Prime
Minister ABE has twice postponed the next increase, which is now scheduled for
October 2019. Structural reforms to unlock productivity are seen as central to
strengthening the economy in the long-run.
Scarce in critical
natural resources, Japan has long been dependent on imported energy and raw
materials. After the complete shutdown of Japan’s nuclear reactors following
the earthquake and tsunami disaster in 2011, Japan's industrial sector has
become even more dependent than before on imported fossil fuels. However, ABE’s
government is seeking to restart nuclear power plants that meet strict new
safety standards and is emphasizing nuclear energy’s importance as a base-load
electricity source. In August 2015, Japan successfully restarted one nuclear
reactor at the Sendai Nuclear Power Plant in Kagoshima prefecture, and several
other reactors around the country have since resumed operations; however,
opposition from local governments has delayed several more restarts that remain
pending. Reforms of the electricity and gas sectors, including full
liberalization of Japan’s energy market in April 2016 and gas market in April
2017, constitute an important part of Prime Minister Abe’s economic program.
Under the Abe Administration,
Japan’s government sought to open the country’s economy to greater foreign
competition and create new export opportunities for Japanese businesses,
including by joining 11 trading partners in the Trans-Pacific Partnership
(TPP). Japan became the first country to ratify the TPP in December 2016, but
the United States signaled its withdrawal from the agreement in January 2017.
In November 2017 the remaining 11 countries agreed on the core elements of a
modified agreement, which they renamed the Comprehensive and Progressive
Agreement for Trans-Pacific Partnership (CPTPP). Japan also reached agreement
with the European Union on an Economic Partnership Agreement in July 2017, and
is likely seek to ratify both agreements in the Diet this year.
|
Source
: CIA |
Company
name and address
MEIJI SANGYO COMPANY
REGD NAME: Meiji
Sangyo KK
MAIN OFFICE: Meisan
Tameike Bldg, 1-1-12 Akasaka Minatoku Tokyo 107-0052 JAPAN
Tel: 03-5563-8855 Fax: 03-5563-8854
E-Mail address: meisn@mesaco.co.jp
ACTIVITIES
Import, export,
wholesale of auto parts & components, steel & nonferrous metal products
BRANCHES
Sapporo, Chiba,
Nagoya, Osaka, Fukuoka, Sendai, Saitama, other (Tot 17)
OVERSEAS
Meiji Sangyo
Europe GmbH (Germany),
Meiji Sangyo
(Thailand) Co, Ltd,
Meiji Sangyo
Singapore,
FACTORIES
Friction Materials
Corp (Philippines), PT Interglobal Electric Parts (Indonesia),
Meiji (Qingdao)
Rubber & Plastic Products Co Ltd (China), TEPRO Inc (USA)
OFFICERS
SHINYA TAKEUCHI,
PRES
Koichi Yusa, mgn
dir
Noriyuki
Kashihara, mgn dir
Yen Amount: In million Yen, unless otherwise stated
SUMMARY
FINANCES FAIR A/SALES Yen 41,991 M
PAYMENTS REGULAR CAPITAL Yen 100 M
TREND SLOW WORTH Yen
17,728 M
STARTED 1962 EMPLOYES 303
COMMENT
TRADING FIRM SPECIALIZING IN AUTO PARTS & COMPONENTS.
FINANCIAL SITUATION CONSIDERED FAIR AND GOOD
FOR ORDINARY BUSINESS ENGAGEMENTS.
HIGHLIGHTS
The subject company was established originally in 1933 as Meiji & Co
Ltd and started import of auto parts, on its own account. In 1945 established as Meiji Sangyo
Company. This is a trading firm, with
mfg division, for import, export and wholesale of auto parts & components
as a mainline, nonferrous & steel products, machinery & equipment,
other (See OPERATION). Operates 4 subsidiary factories in: China,
Philippines, Indonesia, China & USA.
Local clients include car parts makes, Tokyo Metropolitan Bureau of
Transport, other, nationwide.
FINANCIAL
INFORMATION
The sales volume for Sept/2017 fiscal term amounted to Yen 41,991
million, a 10% fall from Yen 46,866 million in the previous term. The recurring profit was posted at Yen 2,817
million and the net profit at Yen 1,873 million, respectively, compared with
Yen 3,229 million recurring profit and Yen 2,274 million net profit,
respectively, a year ago.
For the current term ending Sept 2018 the recurring profit is projected
at Yen 2,900 million and the net profit at Yen 1,950 million, respectively, on
a 3% rise in turnover, to Yen 43,250 million.
The financial situation is considered FAIR and good for ORDINARY
business engagements.
REGISTRATION
Date Registered: Jul
1962
Regd No.;
0104-01-029221 (Tokyo-Minatoku)
Legal Status: Limited Company (Kabushiki Kaisha)
Authorized: 800,000 shares
Issued: 200,000 shares
Sum: Yen 100 million
Major shareholders (%): Meisan Co Ltd
(43.4), other
No. of shareholders: 108
Nothing detrimental
is known as to the commercial morality of executives.
OPERATION
Activities: Trading firm for
import, export and wholesale of auto parts, nonferrous & steel products,
machinery & equipment, other:
(Sales
Breakdown by Divisions):
Auto
Parts Division (71%): hydraulic brake & clutches, brakes &
clutches, chassis parts, electrical parts, engine parts, other;
Machinery
Division (29%): Transportation equipment (traction motor & control device, torque
converter, bearing for axle shaft, air spring/conical spring for bogie car,
interior materials, such as film, aluminum plates, brake lining,
electric/electronic components,Other Industrial field (spare parts for
machinery/equipment for steel making plant, metal fittings for auto parts, gas
analyzers for combustion control, atmospheric monitoring, environmental
measuring devices, machine tools, other;
Imports/Exports (50%)
Clients: [Mfrs,
wholesalers] Komatsu Utility Forklift Co, Showa Automobile Ind, Nissin
Automobile Co, Takara Auto Parts, ISCO Japan, Tokyo-Metrop Bureau of Transport,
Seibu Bus, Tokyu Bus, other
No. of accounts: 350
Domestic areas of activities:
Nationwide
Suppliers: [Mfrs,
wholesalers] Aisin Seiki, Akebono Brake Ind, S&E Brake, Koito Seisakusho,
Sankei Ind, Stanley Electric, 3M Japan, other, other
Payment record: Regular
Location: Business area in
Tokyo. Office premises at the caption
address are owned by Meisan Co Ltd and maintained satisfactorily.
Bank References:
SMBC (Hibiya)
MUFG (Shimbashi)
Relations: Satisfactory
FINANCES
(In Million Yen)
|
Terms Ending: |
|
30/09/2018 |
30/09/2017 |
30/09/2016 |
30/09/2015 |
|
Annual
Sales |
|
43,250 |
41,991 |
46,866 |
48,331 |
|
Recur.
Profit |
|
2,900 |
2,817 |
3,229 |
.. |
|
Net Profit |
|
1,950 |
1,873 |
2,274 |
2,162 |
|
Total
Assets |
|
|
25,889 |
25,535 |
24,047 |
|
Net
Worth |
|
|
17,728 |
16,051 |
13,867 |
|
Capital,
Paid-Up |
|
|
100 |
100 |
100 |
|
Div.Ttl
in Million (¥) |
|
|
40.00 |
40.00 |
40.00 |
|
<Analytical Data> |
|
(%) |
(%) |
(%) |
(%) |
|
S.Growth Rate |
|
3.00 |
-10.40 |
-3.03 |
1.79 |
|
Current Ratio |
|
|
.. |
.. |
.. |
|
N.Worth Ratio |
|
|
68.48 |
62.86 |
57.67 |
|
N.Profit/Sales |
|
4.51 |
4.46 |
4.85 |
4.47 |
Notes: Forecast
(or estimated) figures for the 30/09/2018 fiscal term.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 67.77 |
|
|
1 |
INR 89.96 |
|
Euro |
1 |
INR 78.86 |
|
YEN |
1 |
INR 0.62 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
VIV |
|
|
|
|
Report Prepared
by : |
SDA |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.